华银基金胡健强：金属价格大幅上涨是有色板块走强的主要原因

Core Viewpoint - The recent strength in the non-ferrous and chemical sectors is attributed to price increases, which have become the main reason for the rise in stock prices in these sectors [1] Group 1: Non-Ferrous Metals Sector - The significant rise in metal prices has led to the realization of earnings in non-ferrous stocks, which have outperformed chemical stocks in terms of price increase [1] - The year 2025 is projected to be the first year of a major surge in the non-ferrous metals industry, indicating a long-term bullish outlook [1] Group 2: Chemical Sector - The chemical sector is also identified as a long-cycle industry, but its peak in the economic cycle is expected to occur later than that of the non-ferrous sector [1]